Continued execution of the Company’s strategy of increasing
non-Arbuckle salt water disposal (“SWD”) capacity with the addition of
a 10th non-Arbuckle SWD well during the third quarter of
2017

Achieved total Company production of 21,358 barrels of oil equivalent
per day (“BOEPD”) in the third quarter of 2017, of which 82% was in
the Mississippian Lime, with the balance in the Anadarko Basin

David Sambrooks, President and Chief Executive Officer, commented, “We
are pleased with our results during the third quarter as we continue to
operate firmly within, or better than, guidance and in line with our
2017 budget. Pursuant to our goal to narrow the operational focus to our
Mississippian Lime assets, we sold our non-core assets in Lincoln
County, Oklahoma, and have hired SunTrust to assist us in exploring
strategic alternatives for our stacked pay Anadarko Basin and NW STACK
assets. The continued execution of our near-term strategy will further
enhance our excellent financial foundation and provide maximum
optionality to drive shareholder value.”

Mr. Sambrooks continued, “We have kicked off an extensive internal
review to focus the organization on high-grading our Miss Lime
development opportunities, optimizing our production base, and reducing
costs to improve liquidity and further increase our margins. We are
excited about the opportunities and optionality that Midstates possesses
to create significant value going forward.”

(Adjusted EBITDA, Adjusted Cash Operating Expenses, and Adjusted Cash
General and Administrative Expenses are non-GAAP financial measures.
Each measure is defined and reconciled to the most directly comparable
GAAP measure under “Non-GAAP Financial Measures” in the tables below.)

Production and Pricing

Production during the third quarter of 2017 totaled 21,358 BOEPD,
compared with 22,490 BOEPD during the second quarter of 2017. Production
from the Company’s Mississippian Lime properties contributed
approximately 82%, or 17,606 BOEPD, and the Anadarko Basin properties
contributed approximately 18%, or 3,752 BOEPD. For the total Company,
oil volumes comprised 29% of total production, natural gas liquids
(NGLs) 24%, and natural gas 47% during the third quarter of 2017. The
decrease in volumes in the third quarter of 2017 versus the second
quarter of 2017 was mainly due to the sale of the non-core Lincoln
County assets and expected production decline.

In the third quarter of 2017, Midstates’ average realized price per
barrel of oil, before realized commodity derivatives, was $47.14 ($50.11
with realized derivatives), while its average realized price for NGLs
sales was $22.55 per barrel (there were no NGLs hedges in place during
the third quarter). Natural gas averaged $2.54 per thousand cubic feet
(Mcf) before realized derivatives ($2.76 with realized derivatives).
Detailed comparisons of commodity prices by period and region are
included in the tables below.

Oil, NGLs and natural gas sales revenues in the third quarter of 2017
were $51.8 million, before the impact of derivatives, essentially flat
with $52.3 million in the second quarter of 2017. The realized loss on
derivatives for the third quarter of 2017 was $3.6 million, down from a
$7.5 million gain during the second quarter of 2017.

Hedging Update

To reduce downside commodity price risk and protect cash flow, Midstates
has entered into a number of swaps, collars, and 3-way collars to hedge
a portion of the Company’s oil and natural gas revenues through 2019. A
summary of the Company’s hedges for the periods after September 30, 2017
is included in the below table.

NYMEX WTI

Fixed Swaps

Collars

Three Way Collars

HedgePosition(Bbls)

WeightedAvgStrikePrice

HedgePosition(Bbls)

WeightedAvg CeilingPrice

WeightedAvg FloorPrice

HedgePosition(Bbls)

WeightedAvgCeilingPrice

WeightedAvg FloorPrice

WeightedAvgSub-FloorPrice

Quarter Ended:

September 30, 2017(2)

207,000

$

55.29

46,000

$

60.00

$

50.00

115,000

$

62.80

$

50.00

$

40.00

December 31, 2017(1)(2)

276,000

$

53.58

46,000

$

60.00

$

50.00

115,000

$

62.80

$

50.00

$

40.00

March 31, 2018(1)

99,000

$

50.61

—

$

—

$

—

225,000

$

62.14

$

50.00

$

40.00

June 30, 2018(1)

145,600

$

51.22

—

$

—

$

—

182,000

$

60.65

$

50.00

$

40.00

September 30, 2018(1)

92,000

$

50.38

—

$

—

$

—

184,000

$

59.93

$

50.00

$

40.00

December 31, 2018(1)

92,000

$

50.38

—

$

—

$

—

46,000

$

56.70

$

50.00

$

40.00

March 31, 2019

—

$

—

—

$

—

$

—

45,000

$

56.20

$

50.00

$

40.00

June 30, 2019

—

$

—

—

$

—

$

—

45,500

$

56.20

$

50.00

$

40.00

September 30, 2019

—

$

—

—

$

—

$

—

46,000

$

56.20

$

50.00

$

40.00

December 31, 2019

—

$

—

—

$

—

$

—

46,000

$

56.20

$

50.00

$

40.00

NYMEX HENRY HUB

Fixed Swaps

Collars

Three Way Collars

HedgePosition(MMBtu)

WeightedAvg StrikePrice

HedgePosition(MMBtu)

WeightedAvg CeilingPrice

WeightedAvg FloorPrice

HedgePosition(MMBtu)

WeightedAvgCeilingPrice

WeightedAvgFloorPrice

WeightedAvgSub-FloorPrice

Quarter Ended:

September 30, 2017

2,944,000

$

3.38

368,000

$

3.63

$

3.15

—

$

—

$

—

$

—

December 31, 2017(1)

1,907,000

$

3.43

551,000

$

3.84

$

3.23

610,000

$

4.30

$

3.25

$

2.50

March 31, 2018(1)(3)

1,350,000

$

3.47

—

$

—

$

—

1,530,000

$

4.38

$

3.25

$

2.50

June 30, 2018(1)

—

$

—

—

$

—

$

—

1,365,000

$

3.40

$

3.00

$

2.50

September 30, 2018(1)

—

$

—

—

$

—

$

—

1,380,000

$

3.40

$

3.00

$

2.50

December 31, 2018(1)

—

$

—

—

$

—

$

—

1,380,000

$

3.40

$

3.00

$

2.50

March 31, 2019(1)

—

$

—

—

$

—

$

—

1,350,000

$

3.40

$

3.00

$

2.50

________________

(1)

Positions shown represent open commodity derivative contract
positions as of September 30, 2017. The Company did not have any
open commodity derivative contract positions as of December 31, 2016.

(2)

During the second quarter, the Company entered into long call oil
trades to offset its three-way collar short calls for the second
half of 2017.

(3)

During the second quarter, the Company entered into natural gas
three-way collars with long call ceilings in order to offset its Q1
2018 natural gas fixed swaps.

Sale of Non-Core Lincoln Property Assets

During the third quarter of 2017, Midstates closed the sale of its
properties in Lincoln County, Oklahoma for $7.0 million, with net
proceeds of approximately $2.9 million after the assumption of
liabilities and subject to post-closing adjustments. The properties
primarily produced natural gas with an average of 700 BOEPD in the
second quarter of 2017 and were not within the Company’s core
Mississippian Lime focus area. The effective date of the transaction is
January 1, 2017.

Costs and Expenses

Adjusted Cash Operating Expenses (which excludes debt restructuring and
advisory fees) for the third quarter of 2017 were $26.0 million, or
$13.22 per Boe, compared with $26.5 million, or $12.95 per Boe, in the
second quarter of 2017. The increase in per Boe cash costs in the third
quarter of 2017 compared with the second quarter of 2017 was
attributable to lower production.

Lease operating and workover expenses (LOE) totaled $15.7 million, or
$7.97 per Boe, in the third quarter of 2017, compared with $16.6
million, or $8.09 per Boe, in the second quarter of 2017. Third quarter
2017 LOE per Boe decreased compared to second quarter of 2017 primarily
due to reduced equipment rentals and less chemical spend.

Severance and other taxes for the third quarter of 2017 were $2.4
million (4.5% of oil, NGL and natural gas sales revenue), compared to
$1.7 million (3.2% of oil, NGL and natural gas sales revenue) in the
second quarter of 2017. In May 2017, new legislation was signed into law
in Oklahoma that increased the incentive tax rate from 1% to 4% on wells
that commenced production between July 1, 2011 and July 1, 2015. After
the 48-month incentive period ends, the tax rate on such wells increases
to 7%. The new 4% tax rate on these wells caused our average production
tax rate to increase in the three months ended September 30, 2017.

General and administrative expenses for the third quarter of 2017
totaled $7.3 million, or $3.69 per Boe, compared to $7.6 million, or
$3.70 per Boe, in the second quarter of 2017. Third quarter 2017 and
second quarter 2017 general and administrative expenses included
non-cash share-based compensation expense of $2.8 million, or $1.44 per
Boe, and $0.9 million, or $0.45 per Boe, respectively. Adjusted cash
general and administrative expenses, which excludes non-cash share-based
compensation and certain non-recurring items, but includes capitalized
general and administrative costs, totaled $5.2 million, or $2.64 per Boe
for the third quarter of 2017, compared to $5.5 million, or $2.69 per
Boe, in the second quarter of 2017.

Interest expense totaled $1.6 million (net of amounts capitalized) for
the third quarter of 2017 as compared to $1.2 million in the second
quarter of 2017. The Company capitalized $0.4 million in interest to
unproved properties during the third quarter of 2017 as compared to $0.7
million in the second quarter of 2017.

During the third quarter of 2017, the Company did not record an income
tax expense or benefit, and had an effective tax rate of 0%.

Capital Expenditures

In the third quarter of 2017, the Company invested $40.1 million of
operating capital, predominantly devoted to the Mississippian Lime
assets.

The following table provides operational capital spending by area as
well as a reconciliation to total capital expenditures for the three
months and nine months ended September 30, 2017 (in thousands):

For the ThreeMonths EndedSeptember 30,
2017

For the NineMonths EndedSeptember 30,
2017

Drilling and completion activities

$

36,269

$

89,975

Acquisition of acreage and seismic data

3,845

7,748

Operational capital expenditures incurred

$

40,114

$

97,723

Capitalized G&A, office, ARO & other

1,856

5,512

Capitalized interest

408

2,054

Total capital expenditures incurred

$

42,378

$

105,289

For the ThreeMonths EndedSeptember 30,
2017

For the NineMonths EndedSeptember 30,
2017

Mississippian Lime

$

39,800

$

95,490

Anadarko Basin

314

2,233

Total operational capital expenditures incurred

$

40,114

$

97,723

Operational Update

Mississippian Lime Update

Key Highlights:

Produced an average of 17,606 BOEPD in the third quarter of 2017, of
which 28% was oil, 24% NGLs, and 48% natural gas

Spud 10 wells and placed 9 wells online during the third quarter of
2017

Incurred average drilling, completion and facility costs of $3.1
million for wells brought online YTD

Achieved average drilling cycle time YTD of 16 days (rig release to
rig release)

During the third quarter of 2017, the Company continued exploring
options to maximize individual well performance by increasing the number
of frac stages from approximately 17 stages to as many as 25 stages
during its completion operations. This resulted in increased average
well cost for its trial wells of $3.4 million per well, increasing the
year-to-date average cost per well from $2.8 million in the first half
of 2017 to $3.1 million for the nine months ended September 30, 2017.
Production results from this pilot program are currently being evaluated
and the Company has returned to its normal operating standard of
approximately 17 stages per completion.

Further, during 2017, the Company has brought online three additional
non-Arbuckle saltwater disposal injection wells in Woods and Alfalfa
Counties, Oklahoma. The Company is currently operating 10 non-Arbuckle
injection wells in Woods and Alfalfa Counties, Oklahoma, with a total
permitted injection capacity of approximately 200,000 barrels of water
per day. The Company’s total permitted injection capacity in Woods and
Alfalfa Counties, Oklahoma, which may differ from actual injection
capacity due to operational constraints, is approximately 332,000
barrels of water per day, with a current disposal rate into all
formations of approximately 170,000 barrels of water per day.

Anadarko Basin Update

Midstates has engaged SunTrust to explore strategic alternatives for its
Anadarko Basin and NW STACK assets. Additionally, the Company has
terminated its farm-out agreement signed for a portion of its
primary-term Anadarko Basin acreage in western Oklahoma.

The Company’s Anadarko Basin assets averaged production of 3,752 BOEPD
in the third quarter of 2017, of which 35% was oil, 26% NGLs, and 39%
natural gas.

Balance Sheet and Liquidity

On September 30, 2017, the Company’s liquidity was approximately $116.5
million, consisting of cash and cash equivalents of $76.5 million and
$40.0 million available under its credit facility. Its long-term debt
was $128.1 million, resulting in net debt of approximately $51.6 million.

On November 1, 2017, Midstates announced that the Company’s borrowing
base under its revolving credit facility was reaffirmed at $170 million.
The agreement with its bank group excludes the Company’s Anadarko Basin
assets in Texas and Oklahoma from the redetermination of the borrowing
base. The next scheduled borrowing base redetermination will occur on or
about April 1, 2018.

Fresh Start Accounting

The Company adopted fresh start accounting as of October 21, 2016, the
date the Company emerged from its Chapter 11 reorganization. Adopting
fresh start accounting results in a new reporting entity for financial
reporting purposes and as a result, the Company allocated its
reorganization value to its individual assets, including oil and gas
property, plant and equipment, based upon their estimated fair values as
of that date, and its historical retained deficit was eliminated. Due to
the application of fresh start accounting, the Company’s consolidated
financial statements on or after October 21, 2016 are not comparable
with its consolidated financial statements prior to that date.
References to “Successor” refer to the Company after the adoption of
fresh start accounting, while references to “Predecessor” refer to the
Company prior to adoption. Please refer to the Company’s Annual Report
on Form 10-K filed on March 30, 2017 for further information regarding
Midstates’ emergence from Chapter 11 restructuring and its application
of fresh start accounting.

Conference Call Information

The Company will host a conference call to discuss third quarter 2017
results on Tuesday, November 14, at 10:30 a.m. Eastern time (9:30 a.m.
Central time). Participants may join the conference call by dialing
(877) 645-4610 (for U.S. and Canada) or (707) 595-2723 (International).
The conference call access code is 6885219 for all participants. To
listen via live webcast, please visit the Investor Relations section of
the Company’s website, www.midstatespetroleum.com.

An audio replay of the conference call will be available approximately
two hours after the conclusion of the call. The audio replay will remain
available until midnight on December 14 and can be accessed by dialing
(855) 859-2056 (for U.S. and Canada) or (404) 537-3406 (International).
The conference call audio replay access code is 6885219 for all
participants. The audio replay will also be available in the Investors
section of the Company’s website approximately two hours after the
conclusion of the call and remain available for approximately 30
calendar days.

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. All statements that are not
statements of historical fact, including statements regarding the
Company’s strategy, future operations, financial position, estimated
revenues and losses, projected costs, resource potential, drilling
locations, prospects and plans and objectives of management, are
considered forward-looking statements. Without limiting the generality
of the foregoing, these statements are based on certain assumptions made
by the Company based on management's experience, expectations and
perception of historical trends, current conditions, anticipated future
developments and other factors believed to be appropriate. Although the
Company believes that its plans, intentions and expectations reflected
in or suggested by the forward-looking statements made in this press
release are reasonable, the Company gives no assurance that these plans,
intentions or expectations will be achieved when anticipated or at all.
Moreover, such statements are subject to a number of factors, many of
which are beyond the control of the Company, which may cause actual
results to differ materially from those implied or expressed by the
forward-looking statements. These factors include, but are not limited
to variations in the market demand for, and prices of, oil and natural
gas; uncertainties about the Company’s estimated quantities of oil and
natural gas reserves, resource potential and drilling locations; the
adequacy of the Company’s capital resources and liquidity; general
economic and business conditions; weather-related downtime; failure to
realize expected value creation from property acquisitions;
uncertainties about the Company’s ability to replace reserves and
economically develop its current reserves; risks related to the
concentration of the Company’s operations; drilling results; and
potential financial losses or earnings reductions from the Company’s
commodity derivative positions.

Any forward-looking statement speaks only as of the date on which such
statement is made and the Company undertakes no obligation to correct or
update any forward-looking statement, whether as a result of new
information, future events or otherwise, except as required by
applicable law.

About Midstates Petroleum Company, Inc.

Midstates Petroleum Company, Inc. is an independent exploration and
production company focused on the application of modern drilling and
completion techniques in oil and liquids-rich basins in the onshore U.S.
The Company’s operations are currently focused on oilfields in the
Mississippian Lime play in Oklahoma and the Anadarko Basin in Texas and
Oklahoma.

Interest expense—net of amounts capitalized (excludes interest
expense of $47.6 million and $79.3 million on senior and secured
notes subject to compromise for the three and nine months ended
September 30, 2016, respectively)

(1,649

)

(2,668

)

(3,854

)

(65,719

)

Reorganization items, net

—

(22,772

)

—

57,764

Total other expense

(1,649

)

(25,440

)

(3,854

)

(7,874

)

INCOME (LOSS) BEFORE TAXES

3,663

(38,384

)

35,890

(208,696

)

Income tax expense

—

—

—

—

NET INCOME (LOSS)

$

3,663

$

(38,384

)

$

35,890

$

(208,696

)

Successor participating securities—non-vested restricted stock

(82

)

—

(932

)

—

Predecessor participating securities—non-vested restricted stock

—

—

—

—

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS

$

3,581

$

(38,384

)

$

34,958

$

(208,696

)

Basic and diluted net income (loss) per share attributable to common
shareholders

$

0.14

$

(3.60

)

$

1.39

$

(19.61

)

Basic and diluted weighted average number of common shares
outstanding